Questions from Accounting Principles

Q: Green Planet Corp. has 5,000 shares of noncumulative 10

Green Planet Corp. has 5,000 shares of noncumulative 10% preferred stock with a $2 par value and 17,000 shares of common stock with a $0.01 par value. During its first two years of operation, Green Pl...

Q: Use the information in QS 13-13 to compute the dividends

Use the information in QS 13-13 to compute the dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative.

Q: For each transaction, determine the impact—increase, decrease,

For each transaction, determine the impact—increase, decrease, or no effect—on total assets, total liabilities, and total equity.

Q: Identify two ways in which a contribution margin income statement differs in

Identify two ways in which a contribution margin income statement differs in format from a traditional income statement.

Q: Anthem Co. has 100,000 shares authorized, 90,

Anthem Co. has 100,000 shares authorized, 90,000 shares issued, and 20,000 shares of treasury stock. Determine the number of shares outstanding.

Q: Identify whether stockholders’ equity would increase, decrease, or have no

Identify whether stockholders’ equity would increase, decrease, or have no effect as a result of each separate transaction listed below. 1. A stock dividend equal to 30% of the previously outstanding...

Q: Madrid Company plans to issue 8% bonds with a par value

Madrid Company plans to issue 8% bonds with a par value of $4,000,000. The company sells $3,600,000 of the bonds at par on January 1. The remaining $400,000 sells at par on July 1. The bonds pay inter...

Q: On January 1, $50,000 cash is borrowed from

On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each. Prepare the journal entry to record (1) the issuance of the note and (2)...

Q: Use the following information to determine cash flows from operating activities using

Use the following information to determine cash flows from operating activities using the indirect method.

Q: Refer to the data in QS 16-7. 1

Refer to the data in QS 16-7. 1. How much cash is received from sales to customers for year 2021? 2. What is the net increase or decrease in the Cash account for year 2021?